I lived in my home from 2014-16, rented it from 2016-20, and then lived in it from 2020-2024. It became a rental again in fall 2024. What is the total depreciation?

To calculate the total depreciation on your rental property, you need to consider only the periods when it was used as a rental: 2016-2020 and Fall 2024 onward. Assuming you meant it became a rental again in late 2024, here's how you can calculate it:  Per the IRS  residential rentals are generally depreciated over a recovery period of 27.5 years using the straight line method of depreciation and a mid-month convention as residential rental property.

Depreciation Calculation

First Rental Period (2016-2020):

• Depreciation is calculated using the straight-line method over 27.5 years for residential rental property.
• If the building's basis is $200,000, the annual depreciation would be $200,000 / 27.5 = $7,273.

Second Rental Period (Fall 2024 onward):

• Depreciation resumes when the property is placed back in service as a rental.
• For simplicity, let's assume it was rented for 3 months in 2024: $7,273 / 12 * 3 = $1,818.

Example Calculation

• First Rental Period (2016-2020): 4 years of rental.
  • Annual Depreciation: $7,273.
  • Total Depreciation: 4 * $7,273 = $29,092.
• Second Rental Period (Fall 2024): 3 months of rental.
  • Depreciation for 2024: $1,818.
• Total Depreciation: $29,092 + $1,818 = $30,910.

For more detailed information and examples, you can refer to the IRS Publication 527 on residential rental property

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@SabrinaD2 wrote:

 

• Depreciation resumes when the property is placed back in service as a rental.

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It doesn't "resume".  It restarts, using the lower of (a) Adjusted Basis or (b) Fair Market Value on date of conversion.